Eidl Loan Rules In Maricopa
Category:
State:
Multi-State
County:
Maricopa
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement outlines the terms for the assumption of a loan under the EIDL loan rules in Maricopa. It establishes that the Borrower is indebted to the Small Business Administration (SBA) and details the original amount of the loan, the associated Promissory Note, and the security provided by the Deed of Trust. The Assumptor, who assumes the responsibilities of the loan, must agree to fulfill all obligations outlined in the original loan documents. Crucially, this agreement does not release the Borrower from liability, ensuring they remain responsible for the loan despite the assumption. Users can fill in the required information, such as names and amounts, and both the Assumptor and Borrower must consent to any future modifications of the loan terms. This form is particularly useful for attorneys and legal assistants who need a reliable structure for managing loan assumptions. It equips partners and associates with a clear understanding of their client obligations, potentially saving them from future disputes. Paralegals can efficiently manage the documentation process due to the straightforward nature of the agreement, ensuring compliance with SBA requirements.
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FAQ
Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster. The business cannot cover expenses due to the disaster and/or debt payments. The business was physically located in the declared disaster area.
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
